Offering employees stock options can be a way to incentives them via a remuneration that is aligned with the objectives of shareholders, including increased share value and profitability of the organization. Stock options give employees the right to purchase shares…
Providing employee benefits can be effective in retention tool, however the impact of tax on these benefits should be considered for both the deductibility to the corporation and the taxability and requirement to withhold for the employee. A benefit is…
There is still a window of opportunity for tax savings when transferring a business to a corporation owned by your child or grandchild and being allowed to claim the lifetime capital gains exemption before amendments are proposed to Bill C-208.…
The use of Trusts for income splitting are requiring more sophisticated tax planning since the introduction of recent legislation such as the TOSI (tax on split income), also known as the “kiddie tax” rules. However, a Trust can still be…
Although income splitting with your children has become difficult, there is still some opportunities currently available that include using marketable securities, a Trust and a tax professional. Historically, income spitting was addressed through attribution rules. These rules were circumvented through…
Please note the following important dates are estimates only. Please confirm your deadlines directly with your professional advisor. May 15, 2022 – April payroll remittances due May 31, 2022 – Fiscal year end February 28th tax payments due May…
There are many advantages and disadvantages of incorporating a business owned and operated by a sole proprietor – however a corporation may provide that added layer of protection and tax planning that a successfully run business would be ready for.…
Cash flow statement is a financial statement that records how cash flows in and out of a business during a specified period. This statement gives a well-rounded picture of a business’s financial health by determining where a business is earning…
Any Canadian Controlled Private Corporation (“CCPC”) in Canada which earns investment income (also referred to as passive income e.g., capital gains, dividends etc.) is subject to certain tax regulations that will be discussed below: Refundable portion of Part I tax:…